Trump Media reports $16.4 million quarterly loss

[mahatmakanejeeves]

Trump Media reports $16.4 million quarterly loss
Donald Trump’s company, which operates Truth Social, said it earned $837,000 in quarterly revenue.

By Eva Dou
August 9, 2024 at 6:41 p.m. EDT

Former president Donald Trump’s social media company Trump Media reported a $16.4 million loss and less than $1 million of quarterly revenue, showing that the business’s financials remain tentative following a public debut earlier this year.

Trump Media and Technology Group, which owns the social media platform Truth Social, said Friday the company earned $837,000 in revenue for the second quarter, while shelling out millions of dollars of legal expenses associated with its stock market listing.

Trump has relied heavily on Truth Social in his presidential campaign, where he posts frequently to his 7.5 million followers. He began using the platform after his Twitter account was suspended in 2021.

The poor financial results, laid out in a filing to the Securities and Exchange Commission, don’t come as a surprise. In April, Trump Media said it lost more than $58 million last year, sending its stock plunging more than 21 percent in one day. The company flagged then that more losses might be ahead as it sought to expand its user base.

{snip}

By Eva Dou
Eva Dou is a Washington-based reporter covering technology policy for the Washington Post. A Detroit native who studied journalism at the University of Missouri, she reported on business and politics in Asia for a decade. She is the author of the forthcoming book House of Huawei: The Secret History of China's Most Powerful Company. Twitter

[MontanaMama]

1. Womp womp.

[Klarkashton]

2. Yet it's still bogusly overvalued.

[Claustrum]

3. I am convinced this is just a way for foreign countries to launder money into TFG's pocket.

Just like his BS NFT before and many other "money making ventures" he had in the last 8 years.

[Pinback]

4. Agree.

I was going to post this myself if nobody else had. Thanks.

[keithbvadu2]

5. Obviously, time to put more of your life savings into his stock.

Buy more. Buy more, MAGAts.

Surely, you can trust DonOld's business skills.

[dickthegrouch]

6. Who did they lose it to???

Why weren't they holding onto it with both fists, with the felon lurking?

[BlueWavePsych]

7. "extraordinarily high valuation"

Trump Media, the social media company whose majority shareholder is former President Donald Trump, on Friday reported a net loss of more than $16 million for the most recent financial quarter, mostly due to legal expenses, as well as consulting and licensing expenses.

Trump Media, which owns the Truth Social app often used by the former president, also reported that its already meager revenue dropped by 30% for the three months that ended June 30, compared to the same period last year.

The stock price of Trump Media, which trades under the DJT ticker, has fallen sharply from a high of more than $71 per share shortly after began publicly trading in late March following a merger with a so-called special purpose acquisition corporation. Trump Media stock closed at $26.21 per share Friday afternoon, a decrease of .49%.

The company has a market capitalization of nearly $5 billion, an extraordinarily high valuation given its very modest sales.

https://www.nbcnews.com/business/business-news/trump-media-reports-16-million-loss-quarter-revenue-falls-rcna166048

Still lots of room to short this POS. TIMBERRRRRRRRR ...